Wisconsin Funeral Insurance: 11 Bold Questions

Wisconsin Funeral Insurance
Wisconsin Funeral Insurance: 11 Bold Questions

The Badger State has so many wonderful places to visit. From The Chequamegon-Nicolet National Forest down to Yellowstone Lake State Park, Wisconsinites have much to see and do.

The item that is not always thought or talked about is the inevitable end of life expenses, this is a major financial stress for family members who are attempting to celebrate the life of someone that is no longer with us.

Funeral costs can range over a wide variety of price points depending on many factors.

The average traditional burial service in Wisconsin is $7,825

The average traditional cremation service in WI is $6,478

Location

Burial

Cremation

Eau Claire$8,004$6,645
Edgerton$7,595$6,125
Green Bay$7,039$5,794
Kenosha$6,925$5,600
La Crosse$7,915$6,545
Madison$8,635$7,185
Milwaukee$7,769$6,569
Mosinee$9,405$8,170
Oshkosh$6,750$5,400
Spooner$8,210$6,750
State Average$7,825$6,478

Not included in the price estimates:

  • Cost of Headstone, Monument, or Marker
  • Cemetery Property, Plot of Land, Columbarium, etc.

Fortunately, Funeral Insurance policies can help with these costs and allow loved ones to lay the deceased to rest without worrying about the financial implications that come with it.

Wisconsin button

Wisconsin Funeral Insurance

The average age at death in the state is 77.3 for males and 81.6 for females.

This is above the national average lifespan.

National Average:

  • Males 76.1
  • Females 81.1

Listed below are the top 10 leading causes of death in the state.

  1. Heart Disease
  2. Cancer
  3. Accidents
  4. Chronic Lower Respiratory Disease
  5. Stroke
  6. Alzheimer’s Disease
  7. Diabetes
  8. Flu/Pneumonia
  9. Suicide
  10. Kidney Disease

Everyone has been affected personally or knows a loved one, family member, or friend who has dealt with one of these health issues.

The best thing someone can do is to be prepared for the future by leaving a financial legacy for family members instead of a financial mess.

river and farm

11 Bold Questions

1. What is Funeral Insurance?

This is a type of Whole Life coverage. It has a few of the same important features of a Traditional Whole Life policy, however, there is an item that separates these two plans.

Let’s start with what makes this plan similar.

Price Lock: The initial price will never change. This is one of the many wonderful things about Whole Life plans, you can breathe easy knowing the price will always remain the same and you will never be caught off-guard by a rate hike.

Coverage Lock: The coverage is locked in as well, meaning the carriers cannot cancel a policy or lower the coverage amount even if your health starts to fail or you reach a specific age. Once accepted, the coverage is guaranteed, this is a product that is truly going to be there when your family needs it.

Lower Policy Amounts: This is where the plan starts to differentiate itself from a Traditional Whole Life product. The policy amounts are smaller and designed to pay for bills left behind.

Even though the policy is smaller you still receive the benefits of a larger whole life plan and because the policy amount is smaller the monthly payment is much more affordable.

This product will give you the Peace of Mind knowing that the coverage and price are locked-in at an affordable rate.

Peace of mind chart

2. What can the beneficiary use the payout for?

There are no rules or regulations that say what the financial payout has to be used for, however, here is a list of the most common uses of the distribution money.

  • Cremation
  • Memorial/Celebration of Life
  • Credit Cards
  • Legal Expenses
  • Medical Bills
  • Leaving an Inheritance
  • Charity Donations
  • Remaining Balance on a Mortgage
  • Post-Mortem Expenses
  • Remaining Car Loan Balances
  • Other End-of-Life Expenses

3. What is the difference between captive and independent agents?

The biggest difference between these two types of agents is the power of choice.

Captive: A captive agent is contracted to sell one companies products and services. This means even if the agent knows there is a better plan elsewhere they are forced to sell the one product they represent.

This is problematic because each company has different underwriting standards. Meaning that you may get denied by one company for having insulin shock, for example, but a separate company will approve you for coverage.

Independent: A independent agent is allowed to represent as many companies as they wish. This means a great independent agent will have the right company for any health condition and can pair you with the best price.

Captive vs independent agent

Every company has strengths and weaknesses and tying yourself to one company is not your best option.

Choose Independent and you will have a better chance of finding a great plan tailored to your needs!

4. Qualifying for coverage: What’s the best way?

The single most dependable way to find the best coverage is by contacting an independent agent that specializes in this product niche.

Prior to making the call, it is best to understand the four plan types:

  • Level: Great Health
  • Graded: Average Health
  • Modified: Past Health Concerns
  • Guaranteed Issue: Major Medical Issues

Everyone will qualify for one of these four plans depending on their health.

5. What is the oldest age that I can still receive coverage?

Typically the oldest age carriers will issue initial coverage is 85 years old. However, there are a select few companies that will accept applications for coverage until the age of 90.

6. What is the best plan for me?

The best plan for you is going to come down to three key factors.

Your health: Your health will drastically change what plans you will be eligible for. This is the single biggest variable in finding the right plan and every carrier will treat each health condition differently.

Your age: Providers have different price points depending on your age. Specific carriers are better for seniors in their 60’s and others are better for seniors in their 70’s.

Your gender: Your gender will affect the monthly premium. The cost for males will be more expensive than for females. There are a few reasons why this is the case but the most simple answer is that females outlive males on average by four years.

As you can see putting a plan together is like finding the right pieces to the puzzle and making everything fit.

four puzzle pieces

 

 7. Waiting Period: What is it?

A waiting period is the time restriction a carrier places on high-risk cases. This ultimately means that if the insured were to pass away before the waiting period was over the beneficiary would receive a predetermined partial payout.

If the insured passes away after the waiting period concludes then the beneficiary would receive the full coverage amount.

The waiting period is determined carrier by carrier but you will typically see a two-year timeline.

8. Immediate Coverage: How do I get it?

As explained earlier every carrier will underwrite health conditions differently. If an individual had experienced a diabetic coma one carrier may deny them and the next carrier may accept them.

To receive immediate coverage you may need to jump through hoops, this is why it is so important to work with an agent that can guide you through the process and find the coverage right for you.

9.I have heard a few names to describe this product: What is the difference?

The different terminology is used to market the product.

Three names for this plan type

There is no difference between these three names.

10. Can I purchase a policy for my parent or grandparent?

Yes, you can however there are a few things to know. The proposed insured needs to agree to coverage and sign their name on the contract. Also, they will need to be in a healthy enough mental state to know what they are agreeing to.

11. How do I get a quote?

The best way to receive a quote is by using our instant quote machine. This will generate prices from multiple carriers.

To know which carrier you qualify for contact a Willamette Life agent.

Call us at 844-576-0019

Top 5 board

Top 5 Plans

#1 Mutual Of Omaha – Living Promise (Level)Mutual Of Omaha Logo

This plan is designed for individuals who have a simple medical history and are currently healthy.

The living promise plan offers immediate coverage and extremely low monthly premiums. If you can qualify for this plan it will be your best option.

Quick Plan Facts

  • Available ages: 45-85
  • Coverage: $2,000-$40,000
  • Immediate coverage

Visit the blog section under the main menu to read a full review of this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$27$39$51
50$31$44$58
55$36$52$69
60$44$64$84
65$56$83$110
70$75$110$146
75$100$148$197
80$140$208$276
85$193$288$382
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45$23$32$42
50$24$35$45
55$28$40$52
60$33$48$63
65$41$60$79
70$53$78$103
75$72$107$142
80$98$146$194
85$136$202$269

#2 Foresters Financial – PlanRight (Preferred)Foresters Financial Logo black and white

This product is designed for healthy people who are looking for day-one coverage and low premiums.

Additionally, this is a Fraternal Benefits Organization that gives added benefits to its policyholders like vision and hearing discounts.

This is a great plan for anyone who is looking for immediate coverage and values additional discounts and benefits.

Quick Plan Facts

  • Available ages: 50-85
  • Coverage: $5,000-$35,000
  • Immediate coverage

Visit the blog section under the main menu to read further about this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$32$46$61
55$37$54$71
60$45$66$87
65$55$81$106
70$71$104$138
75$103$152$202
80$147$219$290
85$201$300NA
Female

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$26$38$49
55$31$45$59
60$35$52$68
65$41$60$79
70$52$76$101
75$75$111$147
80$111$165$219
85$166$242NA

#3 Royal Neighbors of America – SIWL (Level)Royal Neighbors Logo black and white

The Level plan from Royal Neighbors is a product designed for someone who is looking for first-day coverage but may have had past mild health concerns.

Asking only nine medical questions and a respectable premium price point, this is a favorable plan for the right individual.

Quick plan facts

  • Available ages: 50-75
  • Coverage: $7,000-$30,000
  • Immediate coverage

Visit the blog section under the main menu to read more about this plan.

Quotes

Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$40$58$77
55$46$68$90
60$50$74$98
65$59$87$115
70$75$111$147
75$110$164$218
80NANANA
85NANANA
Male

Monthly Premiums

Non-Smoking Rates

Age$10,000$15,000$20,000
45NANANA
50$34$49$65
55$38$55$72
60$38$56$74
65$45$66$87
70$56$82$109
75$80$118$157
80NANANA
85NANANA

#4 Guarantee Trust Life – Heritage (Graded)Black and white GTL logo

The Graded plan from Guarantee Trust Life is a great option for someone with a complex health history.

Asking only five medical questions the majority of applicants will be able to qualify for this product. This company also accepts people up to age 90.

Due to the fact that they are so lenient on the underwriting standards this product does come with a 2-year waiting period that is very favorable compared to other plans on the market with a waiting period.

Waiting period details:

  • Death Benefit in year 1 – paid premiums plus 5%
  • Death Benefit in year 2 – 50% of the face amount
  • Death Benefit in year 3 and beyond – 100% of the face amount

Quick Plan Facts

  • Available ages: 40-90
  • Coverage: $2,500-$25,000
  • 2-year waiting period

Visit the blog section to read further about this great plan.

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
45$47$68$89
50$51$74$97
55$55$80$106
60$67$99$131
65$80$118$156
70$102$150$199
75$139$206$274
80$232$346$461
85$300$449$597
Female

Monthly Premiums

Age$10,000$15,000$20,000
45$34$49$64
50$36$52$67
55$42$62$81
60$51$74$97
65$60$88$116
70$73$108$142
75$102$151$201
80$165$245$326
85$191$284$377

#5 AIG (Guaranteed Issue)

This product is designed for individuals who have severe medical complications that are typically chronic.

Fortunately, there is a plan that will cover individuals who have serious health conditions. The plan is called Guaranteed Issue and does not ask medical questions, essentially every applicant is approved.

If you need this plan type we recommend AIG’s plan.Black and white AIG logo

We endorse this product for a variety of reasons but the top reason is the low premiums compared to the other Guaranteed Acceptance plans on the market.

Due to the fact that there are no medical questions, this plan comes with a standard two-year waiting period.

2-Year Waiting Period Payout Details

  • Months 0-24: All premiums paid +10% are given to the beneficiary
  • Months 24+: 100% of the face amount will be paid out of the beneficiary

Is this Guaranteed Issue plan from AIG right for me?

Apply for this product ONLY if you have one of the following medical conditions.

  • AIDS, ARC, HIV
  • Bedridden
  • On Hospice
  • Diagnosed with a terminal illness
  • Confined to hospital, nursing home, mental care, or long term care facility
  • Currently have or receiving treatment for invasive cancer
  • In the past 24 months diagnosed with: Alzheimer’s, Dementia or Memory Loss, receiving Kidney Dialysis, 24-hour Continuous Oxygen use, Implanted Difibulator, or Organ Transplant

Quotes

Male

Monthly Premiums

Age$10,000$15,000$20,000
50$53$79$104
55$58$80$128
60$65$96$142
65$86$128$189
70$101$150$221
75$142$212$331
80$206$309$416
85NANANA
Female

Monthly Premiums

Age$10,000$15,000$20,000
50$37$54$76
55$44$65$98
60$51$76$113
65$63$94$139
70$76$113$168
75$110$164$241
80$180$269$393
85NANANA

Final thoughts chalkboard

Final Thoughts

a. Wisconsin Funeral Insurance is attainable and affordable, when looking for a plan you have many great options to choose from. Remember if you are in good health you will be able to qualify for a plan with immediate coverage.

b. When applying for coverage always contact an independent agent, the offer you saw on television or promotion you got through the mail is rarely your best option.

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